Dime, Anchor Bancorp to merge
Dime Bancorp Inc. and Anchor Bancorp Inc. said yesterday that they have agreed to a stock-swap merger that would create the largest savings bank on the East Coast.
Dime, headquartered in New York, will give shareholders in Hewlett, N.Y.-based Anchor 1.77 shares of Dime stock for each Anchor share. The companies valued the deal at $1.2 billion based on Dime's stock price as of July 1.
The combined company will be the fourth-largest savings institution in the country. The firm, to be called Dime Bancorp, will have $20 billion in assets and $13 billion in deposits. The new Dime will have 94 branches in New York and New Jersey and five branches in Florida.
GM, Ford, Chrysler sales up 2.2%
Detroit's Big Three car manufacturers said yesterday that their sales of new cars and trucks rose 2.2 percent in June, capping off a strong first half of the year.
General Motors Corp., Ford Motor Co. and Chrysler Corp. sold a combined 1.05 million cars and trucks in June, up from 1.03 million a year ago.
Through the first six months of the year, GM, Ford and Chrysler said they sold a total of 5.74 million cars and trucks, the highest since 1988 and up 9.1 percent from last year, leading auto executives to predict the auto boom is not over.
Sutton Place Gourmet to expand
Sutton Place Gourmet, a specialty food chain with six stores in the Baltimore-Washington area, said yesterday that it obtained financial backing from Catterton-Simon Partners and plans to double the number of its stores, adding locations in several East Coast cities. Catterton-Simon Partners is a Bethesda-based investment group.
Conn. pact to Interstate Waste
Interstate Waste Technologies, a subsidiary of Interstate General Co., of St. Charles, Md., signed a contract with the city of Bridgeport, Conn., to build a $200 million facility to recycle sludge into methanol.
The proposed facility will treat 500 tons of sludge a day, processing it to produce methanol, an alternate fuel used instead of diesel.
Paramount owners OK merger
Stockholders of Paramount Communications Inc. yesterday approved the company's $10 billion merger with Viacom Inc. at a meeting in Wilmington, Del.
A similar meeting of Viacom's shareholders to vote on the merger will be held today in New York City. The merger, creating one of the world's largest media and entertainment companies, will be completed shortly after the meeting.